Euro Multivision to set up PV cell factory

Optical disk manufacturer Euro Multivision is planning to raise nearly INR 660m (USD 14m) from an initial public offering. The firm will use the IPO proceeds to set up a 40MW PV cell manufacturing plant in Gujarat. The factory will be set up in EML’s special economic zone in Kutch to avail tax sops. In an interview to CNBC-TV18 the firm’s spokesperson said that it expects to begin solar manufacturing operations by January 2010 with revenues to come in by April 2011.